Looking at this Bitcoin (BTC/USD) daily chart, there are several notable points worth considering:

1. **Fibonacci Retracement Levels**: The retracement levels appear to be set up correctly, with the high near $90,030 and low near $52,568. The levels are:

- **23.6%**: Around $81,189

- **38.2%**: Around $75,719

- **50.0%**: Around $71,299

- **61.8%**: Around $66,878

- **78.6%**: Around $60,585

BTC has moved significantly upwards, reaching a high above the 23.6% Fibonacci level, which is a relatively shallow retracement, indicating strong bullish momentum.

2. **Current Price Movement**: The price has recently surged, breaking past several resistance levels with long green candles. The current price is around $89,097, which suggests strong upward momentum. This rally could be fueled by high demand or favorable market sentiment.

3. **RSI (Relative Strength Index)**: The RSI is around 84.83, indicating that BTC is in overbought territory (above 70). This is a sign of strong buying pressure, but it also suggests that the asset might be due for a correction or consolidation in the near future.

4. **Possible Scenarios**:

- **Bullish Continuation**: If the momentum continues, BTC may retest or even break the previous high. This is possible if buying pressure remains strong, and there are no immediate signs of reversal on the chart.

- **Pullback to Fibonacci Levels**: Since the RSI is overbought, a pullback to one of the Fibonacci levels is possible, especially the 23.6% or 38.2% levels ($81,189 and $75,719). This would provide a healthier base for continued upward movement and could attract more buyers.

5. **Risk Consideration**: Given the overbought RSI, entering at this point could carry higher risk. If already in a long position, consider placing a trailing stop to lock in profits while allowing for further upside. For new positions, waiting for a pullback to one of the Fibonacci levels might offer a better risk-reward entry.

**Summary**: BTC is currently in a strong uptrend but is showing signs of being overbought. Watching for a potential pullback to Fibonacci levels, especially around $75,719 or $81,189, could offer safer entry points. Alternatively, if the momentum persists, a breakout above recent highs may provide further upside.$BTC $ETH

$SOL #WillBTCBreak100KSoon #cryptomarketcapATH #Devcon2024